Bank West transaction account

[Andy72]

Hi, an offer for a Qantas bank west account popped into may account, it seems to be too good to be true. If I leave 50k in it I get 450 points per day, and if I use the Mastercard debit card 3 points for every dollar spent. Am I missing something, seems more generous than any other points earn rate ? Thanks

 

[exceladdict]

Discussed in this thread including the current promotion: Bankwest Transaction account [General Discussion]

You receive 0.3 points per day for every $100 in the account up to 50k; which I calculate as 150 per day or up to 54,750 per year.

On the contrary that 50k could be offsetting your home loan which at 3.5% would save you $1,750 over a year. So you'd need to redeem the points at greater than 3.2c/p to break even which is not a great margin to be working with.

Of course if you don't have a loan you'd be comparing it to a savings account which may net you 2% interest, let's call that $1000 a year, dropping the breakeven to 1.8c/p or less if you might pay tax on any interest earned.

Further the 3 points is per transaction, not dollar, so unless you do many, many very low value transactions it's not worth the hassle compared to a standard points-earning credit card.

 

[AustraliaPoochie]

You also need to deposit $2k per month into that account.
Otherwise a monthly fee of $6 will apply.
Good if you do plan to use that account for salary/wages/other receipts, that will amount to $2k.
((OffT)) I am already with the "orange lion", where the min deposit is $1k, of course no rewards with this, except int purchase transaction fee rebate.((OnT)).

 

[admin]

Please continue discussion in the existing thread -
Bankwest Transaction account [General Discussion]